![]() An insurance claim requires a detailed list of all the items destroyed, damaged, or stolen. In terms of insurance coverage, a home inventory sufficiently prepares homeowners to deal with potential losses. If you were to step outside your home, could you list all the items you own?Įven if you could list everything, would you be able to provide detailed information - including the purchase date, cost, model, and serial number - on the contents of your home? Importance of a Home Inventory Fires can destroy homes fast, but there are ways to minimize losses through inventory. Home Inventory in Estate and Financial Planning.While considered a key component in documenting insurance claims, a home inventory is also valuable for estate and financial planning. Lighted Magnifying Glass That Stays PutĪ home inventory is a comprehensive report that includes detailed descriptions and photos of the personal property in and around your home.Single vs Double Vs Triple Pane Windows.Consider putting jewelry or other valuables that you don’t often wear or use in a safe deposit box. Check with your agent, if you have one, to make sure that you have adequate insurance coverage for these items as they may need to be insured separately. ![]() Valuable items like jewelry, art, and collectibles may have increased in value since you brought them into your home. While most people think of their home when making an inventory, it is important to document the contents of your business, if applicable, as well. This is also a good time to delete items that you have replaced or no longer own. When you make a significant purchase, add the information to the inventory while the details are fresh in your mind. If you choose to create a paper version, consider storing it off-site in a safe deposit box.
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